Cryptocurrency Exchange Grinex Suspends Operations Following Alleged State-Sponsored Hack

A prominent cryptocurrency exchange, Grinex, which was popular among Russian users seeking to circumvent sanctions, has temporarily ceased operations after falling victim to a major cyber attack. The attack, which resulted in the theft of approximately 1 billion rubles, or $13 million, is believed to have been perpetrated by state-backed actors from hostile nations. The exchange, which is based in Kyrgyzstan, made the announcement on its official Telegram channel and website, stating that the nature and scope of the attack suggest the involvement of sophisticated resources and technology typically available only to state-sponsored entities. Grinex, which was previously known as Garantex, has been the subject of sanctions imposed by the US, UK, and EU due to its alleged role in helping users evade restrictions through the use of a ruble-backed stablecoin called A7A5. This token enabled cross-border transactions even after Russia's access to the Swift inter-bank messaging system was suspended following its invasion of Ukraine. After being shut down, the platform re-emerged as Grinex. The current suspension of trading activities has left users unable to access their funds, and the company's Moscow office has also been closed off as it conducts an investigation. A list of 54 affected wallet addresses, along with the corresponding amounts that were drained, has been published by Grinex, with the majority of the stolen funds being in the form of USDT on the TRON blockchain.